The Oil and Gas Regulatory Authority (OGRA) on Monday revised petroleum prices, reducing the price of petrol by Re0.35 per litre while increasing the price of high-speed diesel (HSD) by Rs5.71 per litre.
According to an official notification, the price of petrol has been reduced to Rs315.80 per litre, while the price of high-speed diesel has been increased to Rs360.06 per litre.
The revised prices will remain effective for July 21, the notification said.
The Petroleum Division said the new rates were determined by OGRA under the government’s recently introduced daily fuel pricing mechanism.
Under the new system, OGRA announces petroleum prices without requiring prior approval from the prime minister or the federal government. However, prices notified before the weekend remain unchanged on Saturdays and Sundays.
The authority calculates petrol and diesel prices based on the average international oil price over the previous seven days before issuing revised rates.
Petroleum Minister Ali Pervez Malik said the new mechanism is intended to make fuel pricing more transparent and help consumers better understand how retail prices are determined.
He added that the government is gradually moving towards the deregulation of petroleum products but rejected suggestions that the revised system would place an additional burden on consumers.
Referring to complaints of overcharging at filling stations, Malik said Prime Minister Shehbaz Sharif had directed authorities to take strict action against profiteering, warning that action would be taken against any outlet selling fuel above the officially notified price.